10 Best Affordable Retirement Destinations

by | Aug 5, 2015 | Uncategorized

When thinking about where you want to retire, it’s important to choose a place that is both safe and affordable, but also fits your lifestyle. Baby boomers, people born between 1946 and 1964, currently make up the largest portion of the U.S. population. Healthcare and housing costs will likely be your two largest expenses as you head into retirement. Living in a place that you can afford but also want to spend time is key to retirement planning. Below are ten affordable cities for retirees that offer various sizes, climates, amenities and geography.

Pittsburgh, Pennsylvania
Population: 306, 430
Percentage of population age 65 or older: 14%
Cost of living: 16% below the national average
Median home price: $76,700
Pittsburgh offers an urban vibe broken up by the three rivers that run through the city. There are various sports teams to cheer on, museums to visit and countless sites to see around the city. Many seniors live in neighborhoods right outside the downtown area. One great advantage is that people age 65 and older can ride the T or Monongahela Incline bus for free!

Louisville, Kentucky
Population: 597,337
Percentage of population age 65 or older: 7%
Cost of living: 9.5% below the national average
Median home price: $148,100
Louisville has plenty of museums to visit and even volunteer at. Kentucky residents age 65 or older are welcome to take classes at the University of Louisville tuition free. So, here’s your chance to take a class in that topic you’ve always been interested in!

Tucson, Arizona
Population: 521,695
Percentage of population age 65 or older: 12%
Cost of living: 8% below the national average
Median home price: $126,300
Arizona is a one of the most desired retirement locations for seniors. With warm weather year round, you’ll be able to spend a lot of time outdoors. More than likely, friends and family will want to visit, especially in the winter. Also, Arizona does not have an inheritance or estate tax. U.S. News named the Grand Canyon State the 5th friendliest state for retiree taxes.

St. George, Utah
Population: 76,871
Percentage of population age 65 or older: 19%
Cost of living: 9% below the national average
Median home price: $196,700
St. George offers tons of outdoor spaces and activities. Between hiking, biking or just driving through the woods, you’ll always be surrounded by nature. Zion National Park, one of the most popular national parks in America is only a 45 minute drive away! The Huntsman World Senior Games is an annual competition hosted in the city where athletes age 50 or older can compete in over 28 sports. Lastly, AARP named St. George one of America’s top ten dream towns.

Vero Beach, Florida
Population: 15,505
Percentage of population age 65 or older: 27.5%
Cost of living: 6% lower than the national average
Median home price: $123,100
Located on the eastern coast of Florida, Vero Beach has warm weather all year round, beaches, golfing, fishing and many more outdoor offerings. Also, Florida does not have a state income tax, estate tax or inheritance tax, and it doesn’t tax Social Security or retirement income.

Spokane, Washington
Population: 208,781
Percentage of population age 65 or older: 14%
Cost of living: 9% lower than the national average
Median home price: $131,000
The Spokane River runs through the entire metro area of Spokane, Washington. There is also a 100-acre downtown, riverfront park. Even in the downtown area you will be close to nature. The area offers mountain resorts, rivers, and hiking trails all within an hour or two of downtown.

Buffalo, New York
Population: 258,959
Percentage of population age 65 or older: 11%
Cost of living: 26% below the national average
Median home price: $94,000
You better be prepared for the snow, but if you love winter Buffalo offers many winter activities. There are plenty of local sports teams to cheer on as well as museums and art galleries to visit. Also, the food scene is big in Buffalo so you won’t want to miss all the food festivals. Plus, Niagara Falls is only 30 minutes away!

St. Louis, Missouri
Population: 318,416
Percentage of population age 65 or older: 15%
Cost of living: 5% below the national average
Median home price: $144,000
St. Louis offers excellent healthcare as well as parks and entertainment. It is located right along the Mississippi River and loves it’s sports teams. Also, the St. Louis Zoo is a great (free) place to bring grandchildren when they visit.

Grand Rapids, Michigan
Population: 192,294
Percentage of population age 65 or older: 11%
Cost of living: 11% below the national average
Median home price: $100,700
Grand Rapids is located near the beautiful Michigan coastline where you can go to the beach, fish, boat or simply enjoying being outside. The area also has growing art scene with lots of museums. U.S. News recently named Grand Rapids one of the “best places to live on social security alone.”

Decatur, Alabama
Population: 55,664
Percentage of population age 65 or older: 13%
Cost of living: 10% lower than the national average
Median home price: $127,100
Located near the Tennessee River, Decatur is great place if you want to retire in a small town. The area also has a very low crime rate. The Yellowhammer State doesn’t tax most retirement income, including Social Security. Also, homeowners age 65 and older are exempt from state property taxes, and you may be exempt from local property taxes depending on your income.

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